Kraken Notifies XRP Holders About Monetary incentives in Zakinov v. Ripple Lawsuit

By Gaurav Kudekar

Published on:

Zakinov v. Ripple Lawsuit: After winning the Zakinov v. Ripple case in court, the cryptocurrency exchange Kraken is reaching out to its users, who could get money or other rewards if Zakinov wins against Ripple.

Kraken, a crypto exchange in the U.S., tells customers they might get money or other perks from the Zakinov v. Ripple lawsuit.

Kraken Wins in Zakinov V. Ripple Lawsuit

Remember that Kraken asked to join the Zakinov v. Ripple case in December 2023? They did this to protect the privacy of their users, as mentioned before.

Vladi Zakinov and their team won a court order requiring U.S.-based exchanges to give up private trading details and user identities for anyone who traded XRP on their platforms between July 3, 2017, and June 30, 2023.

Kraken suddenly got involved in the lawsuit because it was worried about sharing its users’ trading details. Surprisingly, the court agreed with Kraken and stopped it from revealing its customers’ identities and trading information.

But the court said Kraken must inform customers who traded XRP during a certain period.

Dizer Capital Founder Among Potential Beneficiaries of Zakinov Lawsuit

Kraken recently reached out to its customers, especially those who might get money from the lawsuit, as instructed. Today, Dizer Capital founder Yassin Mobarak shared this update. He tweeted a screenshot of an email from Kraken, telling him he might get money from the lawsuit.

The email said that you bought XRP on Kraken from July 3, 2017, to June 30, 2023. This means you might get money or benefits from the lawsuit if it goes in your favor.

Mobarak said he always believed he’d earn money from his XRP. But he didn’t expect to achieve this dream through a lawsuit against Ripple.

Zakinov V. Ripple Case

Zakinov, who speaks for a bunch of people who own XRP, says Ripple, its CEO Brad Garlinghouse, and its subsidiary XRP II broke the law by selling XRP to investors without registering it as a security, similar to the SEC’s case.

The person suing Ripple claims that Ripple broke laws about selling investments and harmed him and others. He wants money for people who lost money buying or selling Ripple’s digital currency, XRP, between July 3, 2017, and June 30, 2023.

Ripple says XRP isn’t an investment and compares it to Bitcoin, which regulators say isn’t an investment either.

The crypto payments company plans to strengthen its defense by referring to Judge Torres’ decision in the SEC case, which stated that XRP is not a security. Also, the trial for the Zakinov lawsuit is set for October 2024.

Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.

Gaurav Kudekar

I am a multifaceted content creator with expertise in blogging, finance, and cryptocurrency reviews. My creative journey involves weaving captivating stories into blogs, designing aesthetically pleasing and functional websites, and dissecting the nuances of cinema. We are dedicated to sharing our passion and insights with a global audience.

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